ESZ17 – Dec E-Mini S&P (Last:2574.00)

For eight-and-a-half years, all-but-insatiable buyers have munched through Hidden Pivot targets major and minor, trashing along the way every historically compelling theoretical obstacle that technical analysts could strew in their path. Most recently, NYSE stocks came within a hair last week of triggering Peter Eliades’ ‘Sign of the Bear,’ an  indicator with a perfect, seven-for-seven track record forecasting major tops. Instead, bulls rallied so strongly to end the week that, for all we know, the rarely flashed Sign of the Bear has been put in a coma for years to come. With the foregoing in mind, today’s E-Mini S&P chart posits a very major target 2868.50 that leaves plenty of room for the bull market to continue rampaging its way to a fitting and proper end. If the target is reached, the Dow Industrial, which settled on Friday at 23,328, would be trading more than 2300 points higher, at around 25,680.  Keep in mind that a nasty selloff to 2335.50 (the red line in the chart) would generate a ‘mechanical’ BUY signal, as would an even nastier fall to 2069.00 (shown in the chart as a green line).  Permabears be warned: If you are waiting for the stock market to fall apart, you may have a long wait.